For a very long time, Swiss banks were bastions of impenetrable secrecy. The wealthy from all over the world used to stash their wealth there because they knew it was safe from prying eyes and even from the nearly all-powerful IRS. But then a couple of decades ago, the US government successfully made Swiss banks much more transparent -- to the effect that they are not nearly as reliable a safe haven for tax evaders as they were.

This doesn't mean that the wealthy have no more places to hide their money, but it does make it much more difficult for them, and is a sign of progress.